STI Foods Holdings（2932 TSE Standard）
＋English Summary on This Page
An R&D-focused producer of fishery food products primarily for 7-Eleven
1．Corporate Overview
STI Foods Holdings is a food product producer with strength in fishery food materials, in which it handles everything from sourcing of fishery raw materials to processing and selling. It handles many food products for 7-Eleven.
2．Financial Analysis
Since the fiscal year ended December 2018, when it was founded as an operating holding company, STI Foods Holdings has continued to enhance its production capabilities while increasing revenue. In the fiscal year ended December 2019, its profit decreased due to factors such as rising shipping costs, but in the fiscal year ended December 2020, it established a production management system for its subsidiaries and significantly increased its profit.
Compared to publicly listed companies that supply prepared foods, STI Foods Holdings’ ROE is high. In addition to its high profit margin, its effective use of financial leverage is a factor behind the high ROE.
3． Non-Financial Analysis
The source of the company’s intellectual capital is its founder, who established its current business model. It has become an R&D-focused company that acquires patents, by engaging in businesses that other companies would not do and by pursuing the development of manufacturing technologies. Based on this approach, it has expanded its operations by successfully combining the increasing of the volume of business it does with Seven-Eleven Japan and enhancing its production system.
4．Corporate Strategy Analysis
Issues to be addressed include enhancing its production capabilities and acquiring labor for its production sites.
In order to meet its supply commitments as a producer of prepared fishery foods, the company has positioned expansion of its production capabilities as a core element of its growth strategy. In addition, it is pursuing increased business with Seven-Eleven Japan and 7-Eleven, Inc., establishment of new sales channels, and enhanced R&D and new product development.
5． Analyst Evaluation
We highly evaluate the company’s business model focused on manufacturing technologies that have high entry barriers. No matter what strategy it adopts, in the short term it will be necessary to enhance its production capabilities to meet demand, which is projected to grow. We would like to keep an eye on its progress in this regard.
1．Corporate Overview
STI Foods Holdings is a food product producer with strength in fishery food materials, in which it handles everything from sourcing of fishery raw materials to processing and selling. It handles many food products for 7-Eleven.
2．Financial Analysis
Since the fiscal year ended December 2018, when it was founded as an operating holding company, STI Foods Holdings has continued to enhance its production capabilities while increasing revenue. In the fiscal year ended December 2019, its profit decreased due to factors such as rising shipping costs, but in the fiscal year ended December 2020, it established a production management system for its subsidiaries and significantly increased its profit.
Compared to publicly listed companies that supply prepared foods, STI Foods Holdings’ ROE is high. In addition to its high profit margin, its effective use of financial leverage is a factor behind the high ROE.
3． Non-Financial Analysis
The source of the company’s intellectual capital is its founder, who established its current business model. It has become an R&D-focused company that acquires patents, by engaging in businesses that other companies would not do and by pursuing the development of manufacturing technologies. Based on this approach, it has expanded its operations by successfully combining the increasing of the volume of business it does with Seven-Eleven Japan and enhancing its production system.
4．Corporate Strategy Analysis
Issues to be addressed include enhancing its production capabilities and acquiring labor for its production sites.
In order to meet its supply commitments as a producer of prepared fishery foods, the company has positioned expansion of its production capabilities as a core element of its growth strategy. In addition, it is pursuing increased business with Seven-Eleven Japan and 7-Eleven, Inc., establishment of new sales channels, and enhanced R&D and new product development.
5． Analyst Evaluation
We highly evaluate the company’s business model focused on manufacturing technologies that have high entry barriers. No matter what strategy it adopts, in the short term it will be necessary to enhance its production capabilities to meet demand, which is projected to grow. We would like to keep an eye on its progress in this regard.
概要（レポートから抜粋）
1．会社概要
・ＳＴＩフードホールディングス（以下、同社）は、水産原料素材の調達から製造･販売までを自社で一貫して行う水産食品メーカーである。セブン‐イレブン向けの食品または食材を多く扱っている。
2．財務面の分析
・事業持株会社として設立された18/12期以降、生産能力の拡大とともに増収が続いた。利益面では、19/12期は配送費の増加等で減益となったが、20/12期は子会社の生産管理体制が確立して大幅増益となった。
・惣菜を供給する上場企業に比べ、同社の自己資本利益率（ROE）は高い。売上高営業利益率や総資産経常利益率が高いことに加えて、財務レバレッジを効かせながら、成長している局面にあることがうかがえる。
3．非財務面の分析
・同社の知的資本の源泉は、現在のビジネスモデルを確立した創業者（人的資本）にある。他社がやらないことを手掛けるうちに製造技術の開発に踏み込んでいき、特許取得するほどの研究開発型の企業となっていった。その過程でセブン-イレブン･ジャパン（関係資本）との取引量の増加と生産体制（組織資本）の強化がうまく噛み合いながら業容を拡大してきた。
4．経営戦略の分析
・対処すべき課題として、生産能力の増強と製造拠点の労働力の獲得が挙げられる。
・水産惣菜メーカーとしての供給責任を果たすべく、生産能力の拡大を成長戦略の根幹に置いている。その上で、セブン‐イレブン･ジャパン及び7-Eleven, Inc.との取引拡大、新規販売チャネルの開拓、研究開発と新商品開発の強化を進めていくとしている。
5．アナリストの評価
・証券リサーチセンターでは、参入障壁の高い、製造技術を重視したビジネスモデルを評価している。どの戦略を採ろうとも、当面は、増加が見込まれる需要に見合う生産能力の拡大が必要であり、その進捗に注目していきたい。
・ＳＴＩフードホールディングス（以下、同社）は、水産原料素材の調達から製造･販売までを自社で一貫して行う水産食品メーカーである。セブン‐イレブン向けの食品または食材を多く扱っている。
2．財務面の分析
・事業持株会社として設立された18/12期以降、生産能力の拡大とともに増収が続いた。利益面では、19/12期は配送費の増加等で減益となったが、20/12期は子会社の生産管理体制が確立して大幅増益となった。
・惣菜を供給する上場企業に比べ、同社の自己資本利益率（ROE）は高い。売上高営業利益率や総資産経常利益率が高いことに加えて、財務レバレッジを効かせながら、成長している局面にあることがうかがえる。
3．非財務面の分析
・同社の知的資本の源泉は、現在のビジネスモデルを確立した創業者（人的資本）にある。他社がやらないことを手掛けるうちに製造技術の開発に踏み込んでいき、特許取得するほどの研究開発型の企業となっていった。その過程でセブン-イレブン･ジャパン（関係資本）との取引量の増加と生産体制（組織資本）の強化がうまく噛み合いながら業容を拡大してきた。
4．経営戦略の分析
・対処すべき課題として、生産能力の増強と製造拠点の労働力の獲得が挙げられる。
・水産惣菜メーカーとしての供給責任を果たすべく、生産能力の拡大を成長戦略の根幹に置いている。その上で、セブン‐イレブン･ジャパン及び7-Eleven, Inc.との取引拡大、新規販売チャネルの開拓、研究開発と新商品開発の強化を進めていくとしている。
5．アナリストの評価
・証券リサーチセンターでは、参入障壁の高い、製造技術を重視したビジネスモデルを評価している。どの戦略を採ろうとも、当面は、増加が見込まれる需要に見合う生産能力の拡大が必要であり、その進捗に注目していきたい。
